National Financial Literacy StrategyEcosystem Priority Details

The aim of this priority is to encourage ecosystem stakeholders to design and present information in ways that facilitate and motivate consumer financial decisions and practices that are beneficial for the consumer.

Priority 5 - Target outcomes

Target outcome 5.1

More ecosystem stakeholders use behavioural insights and design research to test and deploy consumer-facing materials that demonstrably help Canadians make financial decisions that will lead to positive financial outcomes.

Target outcome 5.2

More Canadians use tools that use behavioural insights in the design and presentation of financial decisions to facilitate and motivate choices leading to better outcomes.

Target outcome 5.3

Fewer Canadians purchase or use financial products and services that are not in their own best interest due to the misuse of behavioural design elements.

What FCAC will do

• Lead by example to implement evidence-based behavioural experiments and pilot projects designed to drive sound financial decisions.
• Study the impact of behavioural design initiatives from other jurisdictions in driving positive consumer outcomes to assess their adaptability for a Canadian context.
• Support non-profits and community service providers in integrating behavioural insights, design research, and experimentation into the delivery of their financial education services.
• Continue to collaborate with a wide variety of stakeholders to develop pilot experiments, interventions, and tools incorporating behavioural science.